In one sense, each growing economy in Europe adapted its own banking to its particular needs. Britain, the leading 19th century nation in Europe, developed its private banking structure for the needs of colonial trade: long-term capital investment opportunities abroad. Germany, on the other hand, developed its banking structure with the purpose of 'catching up'.

The key expansionary players up to 1815 had been Spain, Portugal, France, Britain, Holland, Russia, and the Ottomans. Only two of all these “great powers” - the Russians and the Ottomans - survived this revolutionary moment relatively unscathed. Spain France and Portugal lost most of their Colonies Only Britain survived with its Colonial power intact and its world role huge extended. 1750 to 1815, can usefully be understood as the first global struggle for Colonial dominance.  The second 1914 to 1945 was to come.